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Binance joins Neo Council, 2.1 million NEO used to secure two Top 21 positions

Binance Staking has secured two positions on the Neo Council. At the time of press, Binance has voted with approximately 2.1 million NEO to secure its places in the Top 21. Binance is the world's largest custodial exchange with nearly US $9.07 billion in 24-hour volume, according to CoinCap.io. Binance Staking is a service that allows users to earn distributions offered on proof-of-stake or other networks that distribute rewards to participants. The platform provides two types of staking: flexible and locked. Flexible staking offers fewer rewards but allows users to move the underlying assets at any time. Locked staking requires users to deposit a token for a specific time frame but provides higher yields. For example, a minimum of 0.01 NEO locked for 15, 30, 60, or 120 days will earn increasing yields of 5.79%, 7.49%, 8.79%, and 13.56% (made in GAS distributions), respectively. In the announcement post, Neo Global Development said "Binance Staking's new membership in the ...
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What Are Bitfinex And BitGo Hiding From The Public?



BitGo Must Pay The Piper For The Bitfinex Incident
For those who are unaware, BitGo provides multi-signature cold storage solutions for Bitcoin transactions only. Even though Bitfinex deals with multiple fiat and crypto currencies, only Bitcoin balances were affected by the hack. Since BitGo has to co-sign every transaction, the question becomes how secure their solution is, to begin with.

To make matters even more confusing, Bitfinex does not seem to be inclined to hold BitGo responsible for their role in this theft either. The company has mentioned their internal investigation is not over yet, but they have come to the conclusion “the incident is their own fault.” That seems a rather strange statement, as it is evident BitGo did not perform their job adequately either. One possible explanation is how Bitfinex did not properly implement BitGo on their end. Interestingly enough, the exchange quickly noted how they uncovered the exact way this breach had taken place, to begin with. That could mean they knew something was designed to fail from day one.

Regardless of how the agreement between BitGo and BitFinex works exactly, it is evident both parties are liable for the stolen funds. All of the platform users were under the impression BitGO would secure their funds at all costs, and that has not happened. After all, it was their solution which only protects Bitcoin which was affected by this breach.

The Bitcoin community seems to be divided over this debacle for sure. Some people feel BitGo is ultimately responsible, regardless of how their clients want to have the solution implemented. Others say Bitfinex should pay up for their own mistakes.  Either way, both companies have a lot of explaining to do, and no one should let BitGo off the hook that easily.

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